Back in June this year, all Real Estate Agents had to learn and be in compliance with the Anti-Terrorist and Money Laundering laws. The new regulations came into effect on June 23, 2008, targeting all professionals in the “money industry”, or those who deal with large cash transactions.

The rules applies to accountants, notaries, casinos, financial institutions, life insurance companies, dealers of precious stones and metals, securities dealers, and real estate professionals.

Real Estate developers were off the hook, up until next year. Effective february 20, 2009, all Real Estate Developers have an obligation to comply with the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

More information:

• Real Estate Developers And Money Laundering Law – What You Need To Know [Ottawa Business Journal]
• Agents: New Rules for Compliance with FINTRAC [Ontario Real Estate Source]
• To know more of the rules and regulations, visit FINTRAC’s website.

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